This indicator shows the narrowest bar within the past seven bars, which is known as NR7 in the literature.
It will also show the NR4 bar.
The range is variable; thus, you can show any two ranges, e.g. NR7/NR4, NR11/NR6, etc. For the description of this indicator, I will continue to use the default of seven (7) and four (4).
If an NR7 bar also happens to be an Inside Bar, it gives a stronger signal. Thus NR7IB are denoted in another color. Sometimes this is known as NR7ID (for Inside Day). I kept the description generic because you can use this indicator on any time frame.
As a bonus, I have added the ability to show the:
- Highest bar (HI7)
- Lowest bar (LO7)
- Widest bar (WI7)
within the range N.
By changing the range size N you can show other values, e.g. HI3, LO3, WI3.
This indicator shows on the main chart window, not a sub-window.
Disclaimers
Mac & Linux
Do not download this product if you have a Mac.
Wine doesn’t support the Market tab. Do not download this product if you do not have a Markets tab in MT5.
Calculations
Basically, it’s a lookback loop that goes through the past N bars to determine which bar is the narrowest.
Features
- Works on all chart periods.
- Can show Highest (HI7), Lowest (LO7), Widest (WI7) bars.
- Can use any valid integer lookback range.
- Will show values in Data Window
Indicator’s Parameters
- Longer range width (lookback) in bars – This is the 7 of NR7. You can change the range to any logical integer value.
- Shorter range width (lookback) in bars – This is the 4 of NR4. You can change the range to any logical integer value.
- Symbol char code – This is the integer character code from the Wingdings characters. See the MQL5 “ Object Constants ” for specifics.
- Show highest/lowest of range – Boolean that shows/hides the Highest (HI7) and Lowest (LO7) bars.
- Show widest of range – Boolean that shows/hides the Widest (WI7) bars.
